IOOF gets one green light for $1.4b MLC takeover

IOOF gets one green light for $1.4b MLC takeover
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The competition regulator will not stand in the way of wealth giant IOOF's ambitious acquisition of the National Australia Bank's MLC, noting that the combined group would still face "significant competition" from industry super funds.
The Australian Competition and Consumer Commission released the findings of its review into the $1.4 billion transaction on Monday, helping pave the way for IOOF to make good on its claim to become Australia's largest retail wealth manager and provider of financial advice. Shares in IOOF rose 3 per cent to $3.74 in Monday's trade.
ACCC approval is a "key milestone" for the MLC deal, says IOOF CEO Renato Mota.  

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